For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of section 3‑1302 on what constitutes a holder in due course.
Me. Rev. Stat. tit. 11, § 4-209
When bank gives value for purposes of holder in due course
Known as the Uniform Commercial Code
The act spans §§ 2-101 to 9-1709 (548 sections).
PL 1993, c. 293, §B29 (AMD).
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.